2025年TechBiox人工智能药物发现报告（英文版）--Dealroom

dealroom.co

TechBiox

AIDrugDiscovery

Developingnewdrugsfasterandcheaper

December2025

GloballyactiveEuropeanventurecapitalfirmwithadedicated

Health&Bioinvestmentteam.

Withmorethan€1.2billioninAuMandsixofficesacrossEMEA,oursector-focusedinvestmentteamsbackfoundersfrompre-SeedtoGrowthwithlong-termconviction,providingday-oneaccesstoourglobalnetworkofcorporatecustomers,experts,industryleaders,andtop-tierfollow-oninvestorstoscalesmarterandfaster.

Thenextdecadewillbetransformationalforhealth&bio,withEuropeattheforefront.Computing,AI,andbiologyareadvancingatbreakneck

speed,propellinganewwaveofcategory-defininghealthcareandlifesciencescompanies,yethealthcareremainsoneoftheleastdigitizedsectors.Thecaseforchangehasneverbeenclearer.

系seqera

aers石

!Q

①Bindbridge

Globalstartup&venturecapitalintelligenceplatform.

Dealroom.coistheforemostdataprovideronstartup,early-stageandgrowthcompanyecosystemsinEuropeandaroundtheglobe.

FoundedinAmsterdamin2013,wenowworkwithmanyoftheworldIsmostprominentinvestors,entrepreneursandgovernmentorganizationstoprovidetransparency.Dealroom.coisaglobalintelligenceplatformfordiscoveringandtrackingthemostpromisingcompanies,technologies

andecosystems.Clientsincludemanyoftheworld’sforemost

organizationssuchasAccel,IndexVentures,McKinsey,BCG,Deloitte,Google,AWS,Microsoft,Stripe.

Dealroompartnerscloselywithlocaltechecosystemdevelopmentagenciesandenablers,tocreateacomprehensivemulti-dimensionalblueprintofthetechecosystem,includingcapital,talent,innovation,entrepreneurshipandoveralleconomicdynamism.

1

2

3

4

5

Introduction

VCtrends

Deepdive:ClinicalTrialTech

Deepdive:ChemicalSynthesisSpinouts&Europeaninitiatives

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In2025,TechBioismovingfromconcepttoreality

LandscapeofAIdiscovereddrugcandidatesandtargetsasofMarch2025*

Schrodinger

RelayTherapeutics

Recursion

/

Exscientia

VergeGenomics

IambicTherapeutics

InsilicoMedicine

Afteryearsofprovingthatdata,computation,andbiologycanacceleratediscovery,TechBiocompaniesarenowscaling.

Theeraoftheoryisgivingwaytoexecution:platformsdeliver

pipelines,automationdrivesreproducibility,andpartnershipstransitionfrompilotstomulti-stepagreements.AI-discovereddrugcandidatesarenolongerconfinedtoresearch,theyare

nowactivelyadvancingintoclinicaldevelopment.

»150

TechBiocompanieslaunchedin2025only

30+

PharmacontractssignedwithTechBiocompaniesin2025

31

NumberofAI-discoveredassetsinclinicalphasein2025

30%

Shareofdrugs

discoveredviaAIforallR&D**

ClinicalPhase:

Phase1

Phase2

Phase3

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Source:Dealroom.co;*InspiredfromBioPharmaTrend,JohnMJennings,2020withmodifications**AionLabs-TheAIrevolutioninPharma

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Source:Dealroom.co;

Techbiostartupsarenowworkingoneveryphaseofdrugdevelopment,tomakeitfaster,cheaperandmoreeffective

Disease

Modelling

Target

Discovery&

Validation

Lead

Optimization

Chemical

Synthesis

Pre-

clinical

Phase

I-III

Approval

&after

launch

Biomarker

discovery

Virtualcellmodels

Data

Compound

Automated

Screeningand

Clinicaltrialtech

Compliance

infrastructure

screening,insilico

synthesis

response

Market

Drugdiscovery

tools

design

Protocoldesign

prediction

intelligence

NETHOLABS

没OWKIN

VLatentLabs

molecule

LindusHealth

⃞solveInteligence

⃞cytedHealth

RIIA

KYROK

喜seqera

Automata

WorkflowAutomation

CancerTech

nucieix

cure51

Biosecurity

奖portal

Genpax

airfnity

Source:Dealroom.co&ActaPharmaceuticaSinicaB,2022.-DataasofNovember2025.

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*Notallcategoriesofthelandscapearerepresentedinthefundingfiguresastheyare

presentacrossmultipledrugdevelopmentphasese.g.cancertechorchemicalsynthesis

In2025,there

remainsanegativerelationshipbetweenfundingandcostofdrugdevelopment

perphase

Thereisaclearmismatchbetween

whereVCmoneygoesandwheretherealcostssitindrugdevelopment.Target

discovery&validationattracts$1.8Binfundingbutrepresentsonly3%oftotalcosts.TheheaviestcostburdensitsinPhaseI–III(62%),yetthisstagereceivesrelativelylittleVCfunding($298M)

Thisimbalancehighlightsastructural

inefficiencyandastrongopportunityfortechnologiesthatcanreducerisk,time,orcostinlate-stagedevelopment

DrugDevelopmentphasesfundingxcostsVCFunding(2024-2025)▊▊Cost

$96M

$160M

$298M

Explorethelandscape»

670+techbioxAIdrugdiscoverystartupsinEurope

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1Introduction

2VCtrends

3Deepdive:ClinicalTrialTech

4Deepdive:ChemicalSynthesis

5Spinouts&Europeaninitiatives

dealroom.co

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2025isalreadythe3rdbestyeartodatewithover$2Braisedtodate,drivenbyIsomorphicLabsʼ$600Mround.Mostofthetoproundsaredrugdiscoverytools.

VCfundinginEuropeantechbio&AIdrugdiscoverystartups

»viewonline

▊$0–1m(pre-seed)▊$1–4m(seed)▊$4–15m(seriesA)▊$15–40m(seriesB)▊$40–100m(seriesC)▊$100–250m(megarounds)▊$250m+(mega+)▊Projection

Toproundsin2025

Company

Category

Date

Round

央cusp.ai

CCHARMTX

aily

nuclero"

$600mLATEVC

$100mSERIESA

€90.0mSERIESA

€83.5mSERIESA

$80.0mSERIESB

$80.0mSERIESB

£51.5mGROWTHEQUITYVC

Mar2025

Sep2025

Jan2025

Oct2025

Sep2025

Nov2025

Oct2025

Drugdiscoverytools

Chemicalsynthesis

Drugdiscoverytools

Drugdiscoverytools

Drugdiscoverytools

ClinicalTrialTech

Chemicalsynthesis

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DataasofDecember2025

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DataasofNovember2025.

*thenumberofpre-seedroundsin2025isexpectedtoincreaseinthecomingmonthsduetoreportinglag.

Early-stageVCfundingin2025hasalreadymatchedlastyearʼstotal,butacrossfewerrounds,drivenbyariseinbreakoutfunding,signalinggrowingmarketmaturity

NumberofEarly-stageandBreakoutVCroundsinEuropean

techbio&AIdrugdiscoverystartups

▊$0–1m(pre-seed)▊$1–4m(seed)▊$4–15m(seriesA)▊$15–40m(seriesB)▊

$40–100m(seriesC)▊Projection

Topearly-stageroundsin2025

»viewonline

Themajority

offundinghas

historicallybeenallocatedtoDrugdiscoverytoolsincludingin2025

VCfundingintoEuropeantechbio&AI

drugdiscoverystartupshasgrown

strongly,risingfrom~$391Min2015toaprojected$2.1Bin2025.Afterapullbackin2023,fundingisbackup.Mostcapital

concentrateincorediscoverytoolsbutnotethatasmallnumberoflate-stagemegaroundsinflatetheapparent

dominanceofthelatter.Allocationtoclinicaltrialtechremainsconstant.

Overall,thisreflectsbothincreasing

maturityoftheecosystemandaclearer

breakoutbetweeninfrastructureplaysandnicheinnovationlayers.

VCfundinginEuropeantechbio&AIdrugdiscoverystartupsperlandscape

category

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Source:Dealroom.co.

DataasofNovember2025

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Source:Dealroom.co.

DataasofDecember2025

Fewerrounds,Largerchecks.Signsof

sectormaturationanddisciplined

scaling.

NumberofroundsintoEuropeantechbio&AIdrugdiscoverystartupsfellsharplyin2023andhavesincestabilisedatalower,projected~118roundsin2025.Atthe

sametime,totalcapitalraisedin2025hasremainedverystrong,pointingtofewer

butlargerroundsandincreasing

concentrationoffundingintomorematurecompanies.

Overall,thissignalsamaturingsector,withcapitalconsolidatingaroundscaled

platformsratherthanbroad-basedearly-stageexperimentation.

NumberofroundsinEuropeantechbio&AIdrugdiscoverystartups

Source:Dealroom.co.

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DataasofNovember2025

*Comparesshareofnewstartupscreatedpercategoryintheperiod2015-2020vs2021-2025

Newcategorieshaveemergedsuchas

Compliance,Virtualcellmodelsand

Biosecurity

Thefastestgrowthoverthepastdecadehasbeeninnewlyemergingcategories.

Compliance(+283%),virtualcellmodels(+187%)andbiosecurity(+155%)have

expandedrapidly,whilemoreestablishedareaslikedrugdiscoverytools(+69%)andmanufacturingoptimisation(+19%)showslower,incrementalgrowthsignallinga

shifttowardnewlayersofcapabilityintheTechBiostack.

Growthinshareofnewtechbio&AIdrugdiscoverystartupscreated*

TheUKattractsmorefundingthantherestofEuropecombined,drivenbyIsomorphicʼs$600Mround,SpainandFrancefollows

TopEuropeancountriesintechbio&AIdrugdiscoverybyVCfundingin2025

andtopfundedcompaniesoftheyearpercountry

UK

CCHARMTX

$637M$600M

deepull

$103M

e-omus

$97M

eeep

HederaDX

$93M

$71M

$42M

APH三RIS

Certivity

$40M

Imagene

母alphobiome

$29M

$25M

rgn

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Source:Dealroom.co.

DataasofFeb23rd2024.

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2025isontracktobethesecondstrongestyearintermsofexitactivity.Since2021,exitshavebeenmostlyprivate,aspublicmarketsremainlargelyclosed

NumberofEuropeantechbio&AIdrugdiscoveryexits

▊M&A▊Public▊Projection

Source:Dealroom.co.DataasofNovember2025;MariaTahri(Alven)TechBioExitAnalysis

SelectedGlobaltechbio&AIdrugdiscoveryVC-backedexitsin2025

CompanyLocationExitSizeDateCategory

MOLECULEAI

Madison,US

Irving,US

Huangpu,China

NewDelhi,India

Hinxton,UK

Leuven,Belgium

Acquiredby

Abbott

IPO

NASDAQ

IPO

SEHK

Acquiredby

Shuttle

Pharma

Acquiredby

SeqOne

Acquiredby

GEHealthcare

$21bn

$494M

$213M

$10m

Undisclose

damount

Undisclose

damount

Nov2025

Jun2025

Apr2025

Oct2025

Sep2025

Sep2025

Drugdiscoverytools

BiomarkerDiscovery

Drugdiscoverytools

Drugdiscoverytools

DataInfrastructure

Biomarkerdiscovery

dealroom.co

Bigpharmaisplayingacatch-uponAI,asevidencedbytheirrecentsurgeininvestmentsinthefield

Investments

皮HUMA

inato

资turbine

clinithink

三EnaraBio

Benevolent"

baseimmune.

影compugen

没OWKIN

⃞Exscientia

sanofi

aignostics

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Source:DeskresearchbyDealroom.coofnewsfromcompanywebsitesandpressreleasesappearedonFiercebiotechandBusinessWireamongothersmedia.Exemplificative,notallpartnershipsincluded.

Beyondinvestments,BigPharmaisalsopartneringwithtoptechbiocompanies

——Partnerships

em

BiolojicDesign

没OWKIN

healx

\QEMI/

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Source:DeskresearchbyDealroom.coofnewsfromcompanywebsitesandpressreleasesappearedonFiercebiotechandBusinessWireamongothersmedia.Exemplificative,notallpartnershipsincluded.

TopEuropeantechbio&AIdrugdiscoveryVCinvestors*

Viewall»

Techbiodrugdiscoveryportfoliocompanies

Cryocloud

,

ZettaGenomics

Rivia

,

Aerska

AIgnostics

,

Certivity

Nuclera

,

CellVoyant

bit.bio

,

Biofidelity

Quibim

,

CardiaTec

Healx

,

KiinBio

LabGenius

,

R.grid

Bioptimus

,

LatentLabs

ExpressionEdits

,

ValinkTherapeutics

AlignedBio

,

NygenAnalytics

LindusHealth

,

Daltontx

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Source:Dealroom.co-DataasofNovember2025

InvestorlistrankedbynumberofroundsinEuropean(inclIsrael)techbiodrugdiscoverystartupsbetween2024and2025YTD

1Introduction

2VCtrends

3Deepdive:ClinicalTrialTech

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4Deepdive:ChemicalSynthesis

5Spinouts&Europeaninitiatives

AIwonʼtchangelivetriallengthovernight,butitcanremovehugecostandwaste

%Costpermolecule

Target

Validation

Compound

screening

~6%

Lead

optimization

~17%

Pre-

clinical

~7%

Phase

I

Phase

II

52%

Phase

III

Approvalto

launch

~3%

~5%

Probabilityofsuccess

(perstage)

80%

75%

85%

69%

54%

34%

70%

91%

CycletimewithoutAI

5-7years

5-7years

CycletimewithAI

3-5years

5-7years

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Source:ActaPharmaceuticaSinicaB,2022

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Page/21Source:*ChartreplicatedfromAbacum-

ClinicalTrialCosting101

,2025

Sitecosts,recruitmentanddatamanagementaredrivingtrialcosts

Clinicaltrialbudgetsrangefrom~€4MinPhaseItoover€100MinPhaseIII,withper-patientcostsof€113k–€136k.Costsalsovarysharplyby

geographyortherapeuticarea,withoncologyandrarediseasetrialscommandingthehighestbudgets.

Spendingtypicallybreaksdownintositecosts(30%),recruitment(20%),datamanagement(15%),regulatory(10%),and

manufacturing/overhead(25%).

Yetfinanceteamsoftenunderestimatecostsby40%,creatingbudgetcrisesthatthreatentrialcompletion.30%ofclinicaltrialcostsare

handledbyCROsleavinglittlevisibilitytosponsorsontheirtrials.

Region

TypicalSite

Regulatory

Complexity

CommonAreas

NorthAmerica

High

Moderate

Oncology,CNS

Europe

Moderate

High

Rarediseases

Asia-Pacific

Low

Variable

Infectious

diseases

Illustrativedistributionofclinicaltrialcostsbyfactor*

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TechbiocanshrinktheclinicaltrialbillandreduceCROdependency

AI-OptimizedTrialDesign

Smarterprotocols,

feweramendments,

smallersamples,

earlierfutilitychecks

DigitalRecruitment&SyntheticCohorts

ML-drivenmatching

andsynthetic

controlssharplycut

enrollmentneeds

andtimelines

Virtual&

HybridSites

Decentralized

procedureslower

siteoverheadand

expandglobalreach.

AutomatedDataCapture&Analysis

Wearables+

automated

cleaning/monitoring

reduceheavyCRO

data-management

costs

ClinicalOperations

andReal-timeTrial

Monitoring

Workflow

automation,manual

operational

overhead,

streamlineddata

management.

DigitalRegulatoryTooling

Automateddossier

preparationand

compliancechecks

speedsubmissions

andreduce

regulatory

consultingfees

Selectedcompanies

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2025isalreadythesecond-bestfundingyearonrecordforclinicaltrialtechstartups,with$200Mraised,up10xfromadecadeago

VCfundinginEuropeanclinicaltrialtechstartups

»viewonline

▊$0–1m(pre-seed)▊$1–4m(seed)▊$4–15m(seriesA)▊$15–40m(seriesB)▊$40–100m(seriesC)▊

$100–250m(megarounds)▊$250m+(mega+)▊Projection

Source:Dealroom.co.

DataasofNovember2025

Explore70Clinicaltrialtechstartups

»viewonline

dealroom.co

dealroom.co

“Riviahelpsbiotechandpharmacompaniesrunfarmoreefficientclinicaltrialsbycuttingandeliminatingasubstantialamountofmanual

workrelatedtodatamanagementanddatareview,whileacceleratingdecisioncycles.

WeachievethisbyintegratingeverysourceoftrialdataandprovidingasuiteofAIagentsandworkflowsusedbyclinicalteams.

Thisallowsteamstoreviewdatauptosixtimesfaster,improvedata

quality,andacceleratetheirunderstandingoftherapiesandpatient

responses.Today,wedeliverapproximately$10millionintime-valuecreationpertrial.Wealsoseeourcustomersincreasingtheirsuccessinfundraisingeffortsandbringingtheirtherapiestomarket.

Theoverallresultisleanerteams,fasterinsights,andlowercapital

ErikScalfaro

Co-Founder&CEOat

requirementstoreachclinicaldevelopmentmilestonesforbiotechandpharmacompanies.”

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1Introduction

2VCtrends

3Deepdive:ClinicalTrialTech

4Deepdive:ChemicalSynthesis

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5Spinouts&Europeaninitiatives

Page/26Source:OnePot.AI

DrugDevelopmentRequirestheSynthesisofThousandsofCompounds

DrugDiscovery

Pre-Clinical

15,000-600,000Compounds

ClinicalTrials

500

Compounds

1

Approval

20

Compounds

Trillionsof

Potential

Compounds

6years

Review

3years

Chemicalsynthesis

2years

Page/27Source:OnePot.AI

Thecurrentworkflowforchemicalsynthesisisinefficientandstillreliesheavilyontrial&error

Order

Review,feasibility

assessment&

formalproposal

1week

Severalchemistsworkonit

Synthesisplanningtime:2-3days

Synthesis&

process

development

2-8weeks

4-6chemistsworkonit

Purification&qualitycontrol

1-2weeks

3-4chemistsworkonit

Finalreports&delivery

1week

Todayʼschemistryworkflowsare:

Manual

Evenelitechemistssynthesize~1compound/week

Fragmented

ERPsystems,labtools,and

planningdonʼttalktoeach

other

Data-starved

Mostreactiondatais

inaccessible,inconsistent,orsiloed.Missingreactionfailure

Expensive

largechemistryteams,

trial-and-errorsynthesisare

ballooningcosts

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Chemicalsynthesisfaceslowreliability,talentshortages,andfragilesupplychains

Whynow?

Traditionalsynthesisreliesheavilyonskilledchemistsperformingtrial-and-errorexperiments,oftentakingweekstoproduceevenmoderatelycomplex

molecules.Atthesametime,globalsupplychain

instability,andashortageoftrainedchemistsareputtingpressureonorganizationstofindnewwaystogeneratecompounds.

Advancesinautomation,labrobotics,and

high-resolutionanalyticalmethodsarecreatingan

opportunitytorethinkhowmoleculesaredesignedandmade.Aschemistrybecomesincreasinglydigitizedanddata-rich,theabilitytogenerateproprietaryreaction

datasets,integrateautomatedexperimentation,and

closetheloopbetweendesignandexecutionpromisesbutashiftinhowchemicalinnovationisdoneglobally.

ChemicalSynthesis

marketisworth~€12B

andexpectedtogrowto€20Bby2033

3–6weekspercompound

Evenmoderatelycomplexmoleculesstilltakeweekstomake

50%ofreactionsfailorlowyields

wastingtime,moneyandmaterials

1/4reactionsarenotreproducible

Publishedchemistryoftenfailsinreal-worldlabsettings

40%ofchemistsareretiringsoon

Anageingskillset&talentpoolisdrivingsevereR&Dbottlenecks

Dependenceonafew

mega-CROsinrestrictedgeos

Asingleshockcanstallentirediscoverypipelines

AIisredefininghowchemicalsynthesisisdesigned,executed,andscaled

Chemistryisadata-richdiscipline,involvingcomplexmolecularstructures,reactionpathways,andvastamountsofexperimentaldatapoints.Machinelearninganddeeplearningexcelsatprocessinglargedatasets,identifyingpatterns,andmakingpredictions.ThiscapabilitymakesAIaninvaluabletoolfortaskssuchas:

Retrosynthesis&Reactionplanning

AIplanningtools

mapoutmultiple

syntheticroutes,and

suggestoptimal

stepwiseprocedures

forlabexecution.

ReactionPrediction&DataAnalytics

AIsystemsanalyze

reactionoutput

data,identify

patterns,validate

results,anddiscover

insightsfromvast

experimental

Yield&ReactionProperties

Experimental

Execution

AIscanshuge

chemicaldatabases

andpublished

literaturetopropose

novelmoleculesand

materialswith

desiredproperties,

acceleratingthe

discoveryphase

dramatically.

Modelspredict

reactionyields,

selectthebest

conditions,and

recommend

moleculeswithideal

properties,saving

timeandreducing

trial-and-error.

Chemical&MaterialsDiscovery

AI-poweredrobots

andautonomous

platformsperform

multistepsyntheses,

optimize

parameters,and

adaptprotocols

archives.

on-the-flyreducing

theneedfor

chemists.

Selectedcompanies

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WhileAIofferstremendouspotentialthereisstillalackofgoodqualityandlabeledreactiondata

Availablereactiondatasetsareheavilybiasedtowardsuccessfuloutcomes,andthelackoffailedornegativeexamplespreventsmodelsfromaccuratelylearningwhatdoesnʼtwork;thisunderminesthereliabilityofpredictionsfornewreactions.

AI

PatentData

Public,coveragedrugchemistry

Nonegativeexamples,variablequality,novelchemistrynotcovered

ReactionsDataopen-source

Publiclyavailable,coversnovelchemistries,

popularitygrowing

Highlyselectivechemistry

coverage,lowquantityof

data

Internaldataofcompanies

Relevantforcustomer,

comprehensivecoverageof

reactions

Privacy,biasesinfluence

dataset,IPsensitivity

issues,costly

Databasesownedbypublishing companies

Goodcoverageofnovel

chemistry,easytofeedinto

synthesissoftware

Nonegativeexamples,hardtoverify,IPsensitivity

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Source:Dealroom.co.

DataasofDecember2025

Emergingin2018,thechemicalsynthesissegmenthasalreadysurpassed$200Minfundingin2025,drivenbyCuspAIʼs$100MSeriesAround.

VCfundinginEuropeanchemicalsynthesisstartups

»viewonline

▊$0–1m(pre-seed)▊$1–4m(seed)▊$4–15m(seriesA)▊$15–40m(seriesB)▊$40–100m(seriesC)▊

$100–250m(megarounds)▊Projection

Explore30+Chemicalsynthesisstartups

»viewonline

“onepotisautomatingchemicalsynthesiswithAIandrobotics.Oneofthebestwaystodescribe

whatwedoistocompareustoanautomatedrestaurant.

Itʼseasytoimagineastartupthatbuildsrobotstomakepizzasandplacetheminanoven;indeed,severalcompaniesalreadydothistomake

cookingmoreefficient.Onepotisfundamentallydifferent.Whileitcanalsobuildrobotstomakepizzas,itstrueinnovationliesindevelopingasystemthatcanautonomouslylearn,adapt,andexecuteawiderangeofdishes

andrecipes,potentiallyevendiscoveringnewones.Atthesametime,itoptimizestheentirefoodsupplychain,aimingtomakeeverystepoftheprocessmoreintelligentandefficient.

Inourcaserecipesaredifferentreactionsandindividualdishesare

compounds.Rightnowwehaveabout2billioncompounds/dishesandgrowing.”

DaniilBoiko

Co-Founder

Page/32Source:

1Introduction

2VCtrends

3Deepdive:ClinicalTrialTech

4Deepdive:ChemicalSynthesis

5Spinouts&Europeaninitiatives

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DataasofNovember2025

»Explore250+techbio&AIdrugdiscoveryuniversityspinouts

Severalleadingstartu